Cellect Biotechnology Ltd. (NASDAQ:APOP) shares rose Thursday, having filed registration statement in connection with proposed strategic merger agreement with Quoin Pharmaceuticals.
The Israel-based Cellect, a developer of innovative technology that enables the functional selection of stem cells, announced today that it has filed a registration statement, including a joint proxy statement/prospectus, with the Securities and Exchange Commission (SEC) in connection with its proposed strategic merger with privately-held Quoin Pharmaceuticals.
Quoin is a specialty pharmaceutical company focused on rare and orphan diseases. Quoin’s leadership team is made up of industry veterans, with extensive relevant executive experience and proven records of recent success in the pharmaceutical industry. The transaction is currently expected to close in the 2021 third quarter.
The Company believes the progress of Quoin’s clinical programs, and the secured investments of $25.5 million, will benefit and maximize Cellect shareholders. In addition, the Company believes that the payments to be distributed to Cellect’s pre-closing shareholders under the Contingent Value Right (CVR) could add a significant component to the overall value received by the Cellect shareholders as a result of this transaction.
Cellect has developed a breakthrough technology for the selection of stem cells from any given tissue that aims to improve a variety of cell-based therapies.
The Company's products are expected to provide researchers, clinicians and pharmaceutical companies with the tools to rapidly isolate specific cells in quantity and quality, allowing cell-based treatments and procedures in a wide variety of applications in regenerative medicine.
The Company's lead product is currently in FDA approved clinical trial is aimed at bone marrow transplantations in cancer treatment.
APOP shares hiked $1.96, or 59.9%, to $5.23.
